Friday, November 20, 2009

Nevada Jobless Rate DOWN to 13% in October

Yes, you heard me right, it's DOWN this month!

Nevada’s unemployment rate leveled out a bit in October, at 13 percent.

The state Department of Employment, Training and Rehabilitation said Friday that a dip in the state jobless rate from September’s record high of 13.3 percent was the first month-to-month decline since November 2005.

Given, it's still incredibly high. People still need jobs. But fortunately, it now looks like we may have survived the worst of The Great Recession. Oh, and Clark County is also seeing the relief.

Unemployment dropped from 13.9 percent in September to 13 percent in October with 129,700 persons out of work in Clark County. In September there were 141,000 jobless.

By comparison, the jobless rate in October 2008 was 7.5 percent with 76,400 jobless.

The state Department of Employment, Training and Rehabilitation reported that the Nevada rate dropped from 13.3 percent in September to 13 percent in October with 175,300 out of work.

Department economist Bill Anderson said the last time the state saw a month-to-month decline in the unemployment rate was in November 2005.

“As we head into the holiday season, this is welcome news,” said Anderson. “However it is not a reason to be overly optimistic. The state’s well-chronicled economic difficulties are far from over.”

Again, don't expect things to suddenly return to 2005/2006 highs so soon. The pain isn't completely gone yet.

And let's not forget this.

[He] said consumer spending both by residents and tourists will be a key to any recovery in the state.

“Consumers have been hard-hit by this downturn and may continue to exercise caution in the early stages of a recovery,” Anderson said. “As a result, Nevada may lag the national rebound, given the relatively important role that consumer spending, especially discretionary spending, plays in our economy.”

Let's hope we get more tourists coming back soon as we await more federal stimulus funds. Still, any kind of good news is welcome in Nevada right now.

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